Nexstar Media Group reported record third-quarter revenue as the company completed its acquisition of TEGNA. The company also posted significant gains in advertising, distribution and net income.
What We Know: Nexstar reported $2.1 billion in net revenue for the third quarter, representing a 78% increase year-over-year. The results reflect the company’s acquisition of TEGNA, Inc., alongside growth in its distribution and advertising businesses. Additionally, Nexstar highlighted continued audience growth at NewsNation and sports viewership gains at The CW. The company also reported strong cash flow and continued shareholder returns.
What The Numbers Show:
| Sector | Revenue | % Change |
|---|---|---|
| Net Revenue | $2.1 billion | 🟢 +78% |
| Net Income | $250 million | 🟢 +284.6% |
| Distribution | $1.1 billion | 🟢 +53.9% |
| Advertising | $1.0 billion | 🟢 +114.9% |
| Adjusted EBITDA | $756 million | 🟢 +111.2% |
What They Said: “Nexstar delivered the highest quarterly net revenue in the Company’s history, reflecting the acquisition of TEGNA, Inc. and strong distribution and advertising revenue performance, including all-time high third-quarter political advertising revenue. The CW set a network record with its most-watched sports broadcast ever, as August’s New Mexico State – Florida State football game outperformed three of the major broadcast networks in primetime among Adults 25–54. NewsNation continues its momentum, growing total day viewership 9% year-over-year for the third quarter. Our strong operating performance for the first nine months of the year generated $1.1 billion in Adjusted Free Cash Flow, enabling us to reduce debt by $786 million and return $171 million to shareholders through dividends, while also funding ongoing investments in local news and sports programming.
“Looking ahead, we will continue to execute our playbook to drive long-term shareholder value while enhancing the programming, products and services that make Nexstar a leading choice for audiences and advertisers and an essential partner to networks and distributors.” -Nexstar Media CEO Perry Sook
What It Means: Nexstar’s results highlight the financial impact of its expanded portfolio following the TEGNA acquisition. Advertising revenue more than doubled, while distribution revenue increased by more than half. Meanwhile, the company generated $1.1 billion in adjusted free cash flow during the first nine months of 2026. Nexstar used that cash to reduce debt and return capital to shareholders while continuing investments in local news and sports programming.
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